My grandmother passed 8 years ago and I’m just now finding out she took an insurance policy out on me

So my grandmother passed 8 years ago and I assumed she left everything to my shitty grandfather, which I guess she technically did. my mother found a peice of paper sent to her from her insurance company stating that my mother is the successor and I’m the insured. The policy has been paying for itself these past 8 years. They say she has to claim ownership of the policy, then transfer ownership to whoever she wants (she’s transferring it to me), and since she didn’t leave us anything I wasn’t going to keep the policy, just cancel it and cash it out. They claim I can cash it out if the deductions isn’t more than the policy or something like that. They can’t give me any information on IF I can even do that. We have to go through the entire process just in case we can get something for it. Seeing as it’s been paying for itself for almost a decade, is there actually a chance I can get something from this? And will there be taxes/penalties or anything I would have to pay for?